Ghana’s public debt hits GH¢742bn from GH¢658.6bn – Amin Adam
Dr Mohammed Amin Adam, the Finance Minister, has disclosed that the central government’s provisional total debt stood at GH¢742 billion (US$50.9 billion) as of June this year. This figure represents 70.6 per cent of the Gross Domestic Product (GDP). While delivering the 2024 mid-year budget review in parliament in Accra on Tuesday, Dr Adam stated, […]
Ghana’s oil revenue increases to US$840m in first half of 2024
Ghana’s oil revenue has increased to US$840m in the first half of 2024. This amount represents a 36% increase compared to the US$540 million recorded during the same period in 2023. The total petroleum revenue receipts consist of proceeds from oil liftings, corporate tax, surface rental, as well as interest on the Petroleum Fund account. […]
Wood shortage looms as 75 out of 100 local timber manufacturing companies collapse
Ghana faces the risk of spending millions of cedis on timber imports, as 75 out of 100 local timber manufacturing companies have collapsed due to continuous forest destruction by bushfires. Players within the timber industry warn that the remaining 25 companies in the Western North, parts of Eastern and Central Regions, are struggling to secure […]
Cement industry all for transparent pricing – COCMAG
The Chamber of Cement Manufacturers, Ghana (COCMAG) has stated that it has no reservations about providing transparency in the price build-up of cement. Speaking during a consultative stakeholders forum on cement pricing and matters arising for growth of the economy’s construction sector, organised by the Ghana Chamber of Construction Industry, Chairman of COCMAG, Frédéric Albrecht, […]
Labour groups call urgent meeting over NPRA’s decision on SSNIT hotels
Organised Labour is set to hold an emergency meeting today to decide its next steps following the National Pensions Regulatory Commission’s (NPRA) approval for the sale of SSNIT shares in six hotels. The NPRA had previously directed SSNIT on June 28 to suspend negotiations with Rock City over the sale of four hotels, pending further […]
Ghana’s exports to EU surge by 8% in 2023, reaching €2.6bn
Ghana’s exports to the European Union (EU) surged by 8% in 2023, reaching 2.6 billion euros, up from 2.4 billion euros the previous year. However, imports from the EU to Ghana declined from 3.7 billion euros in 2022 to 3.3 billion euros in 2023. According to the Ministry of Trade and Industry, the total trade […]
GIPC CEO defends removal of capital requirement for foreign businesses
The Chief Executive of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has strongly defended the Centre’s recent decision to eliminate the capital requirement for foreign businesses. Under Section 28 of the GIPC Act, foreigners aiming for joint ventures are mandated to present a capital investment of $200,000. Individual foreigners intending to engage in retail […]
Bill to regulate cement prices will be laid, passed before Parliament adjourns – Trade Minister
Trades and Industry Minister, KT Hammond, says he will disregard the petition from the Chamber of Cement Manufacturers to delay the implementation of a legislative instrument aimed at regulating cement prices. KT Hammond insists that the law is essential to prevent a cartel of manufacturers from exploiting the public. Under the proposed LI, cement manufacturers […]
Maximum advance payment for imports increased to $200K per importer
The Bank of Ghana has increased the maximum advance payment for the importation of goods and services to $200,000. This is part of the Central Bank’s amendment of the rules on advance payments for the imports of goods and services into the country. The adjustment is a 300% percent increase of the previous $50,000 needed […]
Plastic manufacturers threaten to shut down over 5% tax
Consumers across the country may soon face a reduction in the availability of essential commodities packaged in plastic, including bottled and sachet water. This comes as the Ghana Plastic Manufacturers Association, representing local industry players, has issued a week ultimatum to the government to demand the immediate suspension of a newly imposed 5% excise tax […]